All Forum Posts by: Greg Koszkul
Greg Koszkul has started 20 posts and replied 72 times.
Post: Upgrading your rental property yard
- Posts 72
- Votes 17
Originally posted by @Patrick M.:
I would just do the grass and see how it gets used. That alone would be a HUGE improvement and certainly appreciated.
Tenants will put their things where they want and trying to direct them will only frustrate you.
This is a good point even though I am living there now I plan on house hacking again next year at another property so I would not be here day to day to control how the yard gets used or rearranged by tenants.
Post: Upgrading your rental property yard
- Posts 72
- Votes 17
Originally posted by @Filipe Pereira:
Originally posted by @Greg Koszkul:
I recently began house hacking and have about an acre of yard to play with- right now it is bare and no grass. What would be a good (and not excessively expensive) method to make this presentable for tenants to use and spend time in? I was thinking a combo of grass, mulch along the fence perimeter and one or two gravel areas with lawn chairs for tenants to hang out. Thoughts?
I like your idea. If you do pavers, you will have a weeded lot in 2 years that will be awful to maintain. What area are you in? That will go a long way in determining what to do. Maybe plant a few trees as shady spots in 30 years :) Leaf pickup is only once a year!
Filipe it is in North Carolina so definitely soil is optimal here for flowers, trees etc. The property already has decent shade so I don't think that will be an issue. I was definitely thinking of putting weed fabric underneath the gravel areas to slow the spread of weeds and then just maintain the weed growth in the years after.
Post: Upgrading your rental property yard
- Posts 72
- Votes 17
I recently began house hacking and have about an acre of yard to play with- right now it is bare and no grass. What would be a good (and not excessively expensive) method to make this presentable for tenants to use and spend time in? I was thinking a combo of grass, mulch along the fence perimeter and one or two gravel areas with lawn chairs for tenants to hang out. Thoughts?
The house I have under contract has Aluminum wiring. Is it recommended to replace it or pigtail the wires to copper? I am looking to rent out the rooms and would like to keep costs minimal but also minimize a risk of fire from the wires.
Post: USDA loan advantages aside from 0% down
- Posts 72
- Votes 17
Hello! I am considering offering on a USDA loan-eligible property. It is in relatively good condition and a 3 br. I will be renting out the other 2 rooms, and living in the third (owner occupied investment). Are there any disadvantages in the long run for this type of loan?
Currently I set up my spreadsheet and with me living in it we would be at about -$200 cash flow after all expenses. Would this be a better strategy (paying 0 down payment and costing me $2,400 over 1 year) versus getting a property that only has a conventional loan 3% down but cash flows positive $200-300?
Post: Property under contract (MLS), due diligence process
- Posts 72
- Votes 17
Originally posted by @Guy Gimenez:
Owner occupied rental?
Yes, I am renting the other 3 rooms in a 4 bedroom house and living in one of the units myself.
Post: Property under contract (MLS), due diligence process
- Posts 72
- Votes 17
Originally posted by @Adam Schneider:
@Greg Koszkul Are you getting a home inspection, a WDI and a survey? Those are the 3 most common 3rd party eyes to help you. Also, you'll want to get the title search done during the DD.
Yes, so far those will be the items on the list, wondering if anything else should be looked into. Property is 10 years old and most everything roof/water heater etc is original.
Post: Property under contract (MLS), due diligence process
- Posts 72
- Votes 17
I recently had an offer accepted on a property I will be using as an owner occupied rental in North Carolina. During the due diligence process, what are some of the most important things I should do? I already read through the full property report showing age of HVAC, water tank, roof, etc. Want to make sure I don't miss anything that may be a problem later on when I officially close on the property.
Post: 18 year old on whether to buy a duplex or house for house hacking
- Posts 72
- Votes 17
Originally posted by @Luka Milicevic:
.No one can tell you what you SHOULD do, we can only lay out pros/cons and then you decide.
Me personally....
I would shoot for a duplex instead of SFH. If you absolutely can't find one then SFH is fine for house hacking if you are ok w having roommates.
Wait to save money and the market potentially go down? How long would you wait? You could wait for the rest of time for the market to come down and it might never happen. Timing the market is a fools game.
If you have 15k saved up and you have the option of a VA loan then I would start looking immediately for a house hack opportunity.
So to summarize, what I personally would do if I were in your shoes:
Duplex, if I can't find one: SFH
No, I would definitely not wait for anything
VA loan.
Would there be any downside to finding something bigger and using an FHA loan (i.e. a 4plex)? This way he can split up the units as he wants, whether by unit or renting by room to maximize rents and can offer space to people close to his age especialy?
Post: Looking at the numbers of my first deal!
- Posts 72
- Votes 17
Originally posted by @Grace Navera:
*This link comes directly from our calculators, based on information input by the member who posted.
Did you compare a 30 year mortgage to a 15 year for your report? I am curious what the discrepancy here would be with the bottom line (your cash flow).